Stapling together of Q3'17 results

Investment Analysis Clubs Saul’s Investing Discussions
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Guys - I did this back in Q2 and folks seem to find it a useful reference resource as well as a good jumping off point for specific conversations. Some of the results below folks have shared on the board already, some are new postings. I will add to this during the quarter.
Cheers
Ant

Abiomed (ABMD):-
Q2 EPS of $0.54 beats by $0.16.
Revenue of $132.8M (+29.0% Y/Y) beats by $1.7M.
Beat beat and raise, wow wow wow - check out the bottom line leverage. Med device metronome in action.
https://seekingalpha.com/pr/16980707-abiomed-announces-q2-fy…
https://seekingalpha.com/pr/16981979-logmein-announces-third…

Align (ALGN):-
Q3 EPS of $1.01 beats by $0.20.
Revenue of $385.3M (+38.3% Y/Y) beats by $25.5M.
Holy cr@p why didn’t I just buy high years ago when I found them. Rrrrrrrr
https://seekingalpha.com/pr/16981853-align-technology-announ…
https://seekingalpha.com/article/4117119-align-technologys-a…
https://seekingalpha.com/article/4117485-align-technology-in…

Alphabet (GOOG):-
Q3 EPS of $9.57 beats by $1.24.
Revenue of $27.8B (+23.8% Y/Y) beats by $600M.
Very strong results!
https://abc.xyz/investor/pdf/2017Q3_alphabet_earnings_releas…
https://seekingalpha.com/article/4117116-alphabet-goog-q3-20…

Amazon (AMZN):-
Q3 EPS of $0.52 beats by $0.49.
Revenue of $43.74B (+33.7% Y/Y) beats by $1.6B.
Stunning - looks like they are interested in making money again, Whole Foods contribution is solid all looking great (save duel with POTUS).
https://seekingalpha.com/pr/16981886-amazon-com-announces-th…
https://seekingalpha.com/article/4117120-amazon-com-amzn-q3-…
https://seekingalpha.com/article/4117526-amazon-com-inc-2017…

Bank of the Internet (BOFI):-
Q1 EPS of $0.50 in-line.
Revenue of $93.89M (+11.1% Y/Y) misses by $1.78M.
Hmm - seemed to impress but only just into double figures
https://seekingalpha.com/article/4116591-bofi-holdings-bofi-…
https://seekingalpha.com/pr/16980048-bofi-holding-inc-report…

Blackstone (BX):-
Q3 EPS of $0.69 beats by $0.14.
Revenue of $1.75B (+22.4% Y/Y) beats by $350M.
Usual quality results from a quality outfit.
https://seekingalpha.com/news/3302136-blackstone-beats-0_14-…
https://seekingalpha.com/article/4114890-blackstone-groups-b…
https://seekingalpha.com/article/4114776-blackstone-group-l-…

First Internet Bancorp (INBK):-
Q3 EPS of $0.71 beats by $0.01.
Revenue of $17.33M (+13.7% Y/Y) beats by $0.43M.
Results seem great. Everything except top line rev which only grew 13% whilst all their underlying metrics were growing 30% YoY. Need to try figure this out more. Still - market liked them.
https://seekingalpha.com/pr/16974391-first-internet-bancorp-…

Fortinet (FTNT):-
Q3 EPS of $0.28 beats by $0.05.
Revenue of $374.22M (+18.2% Y/Y) beats by $3.55M.
Good results - as usual, street found something they didn’t like in the guidance but the billings growth and subscription services revenue growth is immense.
https://seekingalpha.com/article/4117534-fortinet-inc-2017-q…
https://seekingalpha.com/article/4117130-fortinet-ftnt-q3-20…
https://seekingalpha.com/pr/16982040-fortinet-reports-third-…

GrubHub (GRUB):-
Q3 EPS of $0.28 beats by $0.04.
Revenue of $163.1M (+32.1% Y/Y) beats by $3.41M.
Beat beat raise raise and they haven’t begun to get into YELL really yet. $1bn player in a $200BN food takeaway market in the US - plenty of room to grow, nice. I’m going to stop worrying about this one and hold my remaining stake. Looks like they have US sorted even if they have given up on the rest of world.
https://seekingalpha.com/pr/16979419-grubhub-reports-record-…
https://seekingalpha.com/article/4116525-grubhubs-grub-ceo-m…

KKR (KKR):-
Q3 EPS of $0.36 misses by $0.06.
Revenue of $335.72M (+21.4% Y/Y) beats by $16.65M.
Results strong - although slight miss on eps.
https://seekingalpha.com/pr/16980605-kkr-and-co-l-p-reports-…
https://seekingalpha.com/article/4116742-kkr-2017-q3-results…
https://seekingalpha.com/article/4117191-kkr-and-co-lp-kkr-q…

LogMeIn (LOGM):-
Q3 EPS of $1.16 beats by $0.05.
Revenue of $276.12M (+224.5% Y/Y) beats by $3.98M.
Good growth and solid beat, comparisons obscured by Citrix transaction.
https://seekingalpha.com/pr/16981979-logmein-announces-third…
https://seekingalpha.com/article/4117163-logmeins-logm-ceo-b…

Mazor (MZOR):-
Pre-announced great results…
https://seekingalpha.com/news/3299910-mazor-robotics-expects…

MuleSoft (MULE):-
Q3 EPS of -$0.13 misses by $0.01.
Revenue of $77.6M (+57.2% Y/Y) beats by $6.11M.
Top line Q3 and guidance beat / bottom line miss. Great growth in ave transaction value and repeat business, slowdown in new customer additions.
https://seekingalpha.com/pr/16981978-mulesoft-announces-fina…
https://seekingalpha.com/article/4117164-mulesofts-mule-ceo-…

NovoCure (NVCR):-
Q4 EPS of -$0.26 beats by $0.13.
Revenue of $30.24M (+144.3% Y/Y) beats by $3.27M.
err 144%? wow. Still don’t understand them though.
https://seekingalpha.com/article/4048987-novocures-nvcr-ceo-…
https://seekingalpha.com/article/4048766-novocure-2016-q4-re…

PayPal (PYPL):-
Q3 EPS of $0.46 beats by $0.03.
Revenue of $3.24B (+21.3% Y/Y) beats by $60M.
Astonishing, Venmo monetization underway, no-one concerned by Apple P2P capabilities in next IOS release, great alliances announced.
https://seekingalpha.com/pr/16974392-paypal-reports-third-qu…
https://seekingalpha.com/article/4114911-paypal-holdings-pyp…
https://seekingalpha.com/article/4115096-paypal-holdings-inc…

TAL Education Systems (TAL):-
Q3 EPS of $0.12 misses by $0.01.
Revenue of $455.75M (+68.1% Y/Y) beats by $16.45M.
Mega growth but stretched valuation caused a sell off…
https://seekingalpha.com/pr/16980462-tal-education-group-ann…
https://seekingalpha.com/article/4117005-tal-education-group…

36 Likes
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Sorry guys - I missed a couple. Just to bring us complete and up to date before next week’s data landslide…
Ant

Celgene (CELG):-
Q3 EPS of $1.91 beats by $0.04.
Revenue of $3.3B (+10.7% Y/Y) misses by $120M.
Ok results, not OK guidance and follows trial failures. This one is starting to look interesting.
https://seekingalpha.com/pr/16980776-celgene-reports-third-q…
https://seekingalpha.com/article/4116886-celgene-celg-q3-201…
https://seekingalpha.com/article/4116745-celgene-corporation…

Gilead (GILD):-
Q3 EPS of $2.27 beats by $0.14.
Revenue of $6.5B (-13.3% Y/Y) beats by $110M.
At some point this has to be a value play. If it gets a lot lower the Kite impact may make it a growth play.
https://seekingalpha.com/pr/16981887-gilead-sciences-announc…
https://seekingalpha.com/article/4117145-gilead-sciences-gil…
https://seekingalpha.com/article/4117487-gilead-sciences-inc…

Skechers (SKX):-
Q3 EPS of $0.59 beats by $0.15.
Revenue of $1.1B (+16.7% Y/Y) beats by $30M.
Finally they turn the corner, get some love and come back to life.
https://seekingalpha.com/pr/16974358-skechers-achieves-new-q…
https://seekingalpha.com/article/4114930-skechers-usa-skx-q3…

6 Likes
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Ok here we go with the latest week round up. Now for the monthly review - no rest for the wicked.
Ant

Ali Baba (BABA):-
Q3 EPS of $1.29 beats by $0.26.
Revenue of $8.29B (+60.7% Y/Y) beats by $440M.
The fastest growing large cap on the planet kills it again. Why risk being in JD when this juggernaut delivers every time. Growth rates accelerate to an all time high. Singles day coming up - but this time connected to the Lazarda universe sale across SE Asia where they now hold 80% stake. Ali Baba cloud doubles again.
http://www.nasdaq.com/press-release/alibaba-group-announces-…
https://seekingalpha.com/article/4119588-alibaba-group-holdi…

Arista Networks (ANET):-
Q3 EPS of $1.62 beats by $0.43.
Revenue of $437.63M (+50.8% Y/Y) beats by $19.13M.
Yup totally killed it. Got rewarded by the end of the week.
https://seekingalpha.com/pr/16989971-arista-networks-inc-rep…
https://seekingalpha.com/pr/16989971-arista-networks-inc-rep…

Atlassian (TEAM):-
Q1 EPS of $0.12 beats by $0.03.
Revenue of $193.8M (+41.7% Y/Y) beats by $8M.
Nice!
https://seekingalpha.com/pr/16974378-atlassian-announces-fir…
https://seekingalpha.com/article/4114931-atlassian-corporati…
https://seekingalpha.com/article/4115146-atlassian-2017-q3-r…

Blackline (BL):-
Q3 EPS of -$0.01 beats by $0.05.
Revenue of $45.87M (+41.7% Y/Y) beats by $1.8M.
For those that are still interested in this story, not a bad result!
https://seekingalpha.com/pr/16990025-blackline-announces-thi…
https://seekingalpha.com/article/4119901-blacklines-bl-ceo-t…

CEVA (CEVA):-
Q3 EPS of $0.36 beats by $0.08.
Revenue of $24.04M (+34.7% Y/Y) beats by $2.49M.
Good results, visibility needs to improve on iPhone etc
https://seekingalpha.com/pr/16986463-ceva-inc-announces-thir…
https://seekingalpha.com/article/4119090-cevas-ceva-ceo-gide…

Cognex (CGNX):-
Q3 EPS of $1.03 misses by $0.01.
Revenue of $259.74M (+75.6% Y/Y) beats by $3.36M.
Wow I didn’t think they could do it but they did. Bad call by me.
https://seekingalpha.com/pr/16984274-cognex-reports-record-r…
https://seekingalpha.com/article/4118318-cognex-cgnx-q3-2017…

Criteo (CRTO):-
Q3 EPS of $0.65 beats by $0.08.
Revenue ex-TAC of $234.4M (+32.8% Y/Y) beats by $4.28M.
Results good but iPhone still weighing on the prospects
https://seekingalpha.com/pr/16986437-criteo-reports-strong-r…
https://seekingalpha.com/article/4119251-criteos-crto-ceo-er…

C-Trip (CTRP):-
Q3 EPS of $0.32 beats by $0.08.
Revenue of $1.19B (+41.9% Y/Y) beats by $40M.
Ok they needed to do this as the P/E ratio was really getting too stretched. Skyscanner really making a difference.
https://seekingalpha.com/pr/16988299-ctrip-reports-unaudited…
https://seekingalpha.com/pr/16988299-ctrip-reports-unaudited…

CyberArk (CYBR):-
Q3 EPS of $0.25 beats by $0.06.
Revenue of $64.82M (+17.9% Y/Y) beats by $2.15M.
Another top result - subscription model transition handled well
http://www.nasdaq.com/press-release/cyberark-announces-third…
https://seekingalpha.com/article/4119959-cyberark-softwares-…

FireEye (FEYE):-
Q3 EPS of -$0.04 beats by $0.03.
Revenue of $189.6M (+1.7% Y/Y) beats by $3.19M.
Beats and misses, disappoints.
https://seekingalpha.com/pr/16987876-fireeye-reports-guidanc…
https://seekingalpha.com/article/4119404-fireeyes-feye-ceo-k…

Hortonworks (HDP):-
Q3 EPS of -$0.24 beats by $0.16.
Revenue of $69M (+45.2% Y/Y) beats by $5.9M.
Ok these guys are seeing growth accelerate and making amazing progress narrowing the losses. I may take a position yet.
https://seekingalpha.com/pr/16989950-hortonworks-reports-thi…

HubSpot (HUBS):-
Q3 EPS of $0.03 beats by $0.06.
Revenue of $97.73M (+38.4% Y/Y) beats by $1.23M.
Great results - could be facing less comp from TDD and Criteo and ad blockers so I’m tempted to top up this one since I only have a half position.
https://seekingalpha.com/pr/16987973-hubspot-reports-q3-2017…
https://seekingalpha.com/article/4119382-hubspots-hubs-ceo-b…

Instructure (INST):-
Q3 EPS of -$0.27 beats by $0.04.
Revenue of $42.95M (+42.5% Y/Y) beats by $2.35M.
Good results but still small and a long way from profits. Seems to be doing what a gzillion on line learning platforms do. Judge for yourselves.
https://seekingalpha.com/pr/16984254-instructure-reports-thi…
https://seekingalpha.com/article/4118332-instructures-inst-c…

MercadoLibre (MELI):-
Q3 EPS of $0.63 beats by $0.01.
Revenue of $370.66M (+60.6% Y/Y) beats by $22.92M.
Wow they totally spanked it!
https://seekingalpha.com/pr/16990139-mercadolibre-inc-report…
https://seekingalpha.com/article/4119919-mercadolibre-meli-q…

Neogen (NEOG):-
Q1 EPS of $0.31 in-line.
Revenue of $95.26M (+13.9% Y/Y) beats by $0.49M.
Beat and meet. Some leverage coming through but priced to perfection
https://seekingalpha.com/pr/16944601-neogen-reports-21-perce…
https://seekingalpha.com/article/4108122-neogens-neog-ceo-jo…

NetFlix (NFLX):-
Q3 EPS of $0.29 misses by $0.03.
Revenue of $2.99B (+30.6% Y/Y) beats by $20M.
An insane P/E of over 200 with only a 30% growth rate? Hmmm - I never got this FANG.
https://seekingalpha.com/pr/16969657-netflix-releases-third-…
https://seekingalpha.com/article/4113882-netflixs-nflx-ceo-r…

Paycom (PAYC):-
Q3 EPS of $0.29 beats by $0.10.
Revenue of $101.3M (+31.0% Y/Y) beats by $0.88M.
Ok glad I kept some of my stake. Top line growth not deteriorating further and bottom line really piling on the leveraged gains.
https://seekingalpha.com/pr/16985916-paycom-software-inc-rep…
https://seekingalpha.com/article/4118877-paycom-softwares-pa…

Qualys (QLYS):-
Q3 EPS of $0.31 beats by $0.09.
Revenue of $59.49M (+16.7% Y/Y) beats by $0.88M.
Beat and raise - better than expected. Scheisser - I shouldn’t have sold. They are good at communicating their value proposition!
https://seekingalpha.com/pr/16985963-qualys-announces-third-…
https://seekingalpha.com/article/4119157-qualys-qlys-q3-2017…

Sierra Wireless (SWIR):-
Q3 EPS of $0.23 beats by $0.02.
Revenue of $173.2M (+12.8% Y/Y) beats by $2.98M.
Growth re-accelerating slowly but surely. Needs to pick it up.
https://seekingalpha.com/pr/16990175-sierra-wireless-reports…
https://seekingalpha.com/article/4119897-sierra-wireless-swi…

Shopify (SHOP):-
Q3 EPS of $0.05 beats by $0.06.
Revenue of $171.5M (+72.2% Y/Y) beats by $5.87M.
Great - we are profitable now! Top line growth dipping more than I would like to see. No mention of merchant counts and progress there beyond the 500k etc. Concerns over churn remain.
https://seekingalpha.com/pr/16984803-shopify-announces-third…
https://seekingalpha.com/article/4118742-shopifys-shop-ceo-t…

TelaDoc (TDOC):-
Q3 EPS of -$0.55 misses by $0.02.
Revenue of $68.65M (+112.0% Y/Y) beats by $1.07M.
Revs doing well but earnings going the wrong way.
https://seekingalpha.com/pr/16987859-teladoc-announces-third…
https://seekingalpha.com/article/4119384-teladocs-tdoc-ceo-j…

18 Likes
4

good review ant

lots of companies there that I am not familiar with. Perhaps you could bring up some of these for discussion here.

I need to look into MELI more closely. Though I prefer US companies.

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Hi Mauser - thanks. Glad you appreciate & value it - I tried to cover what I have seen of interest from the board as well as my own interests.

Yeh there are plenty that have been discussed by the board, some that I have brought up and discussed individually (e.g. Micron/CEVA) or as part of my monthly reviews (Mazor/CyberArk/Fortinet), some that don’t fit a Saul method strategy but I invest in anyhow and also touch on in my reviews (Blackstone/KKR), some that are China stocks that I committed to not bringing to the board given the resolute resistance to consider such investments regardless of the fundamental merits (save from contributing to other’s discussions around China stocks where I can make a contribution e.g. Ali Baba) and then there are some that probably haven’t been discussed - I will look at whether there are any of interest that have not received a decent airing in the board’s discussions.

Cheers
Ant

1 Like